INTERPRETATION AND METHODOLOGY

Financial ratios

Return On Sales (ROS)

The total revenue (sales) for banks is calculated as a sum of total interest
earned and total commission and fees.

Earnings Per Share (EPS)

Net profit
Total number of shares

Return On Assets (ROA)

The value of Total assets are calculated from the last audited annual
financial report.

Return On Equity (ROE)

Calculated as:

The value of Total Shareholders Equity is calculated from the last audited
annual financial report.

Price-Earnings Ratio (P/E Ratio)

Calculated as:
Book Value Of Equity Per Share (BVPS)

Calculated as:
Value of Total Equity
Total number of shares
The value of Total Shareholders Equity is calculated from the last audited
annual financial report.

Price-To-Book Ratio (P/B Ratio)

A ratio used to compare a stock's market value to its book value. It is
calculated by dividing the share price at the end of the period and the book
value per share.

Calculated as:

Market value per share

Book value per share
Also known as the "price-equity ratio".

Dividend Yield

EXPLANATIONS:

1. For calculation of the “Total number of shares”, the ordinary

shares issued by the company and the priority shares own by
the Pension and Disability Insurance Fund of the Republic of
Macedenia are summed up. The Pension and Disability Insurance
Fund of the Republic of Macedonia received the shares in the
process of privatization of companies. Shares own by the
Pension and Disability Insurance Fund of the Republic of
Macedenia after their secondary sale automatically are converted
in ordinary shares.

2. The ratios are calculated using the data from the last published
Audited financial reports and last paid dividend. If the companies
according to the requirements of Law, are preparing consolidated
financial statements, for calculation of the ratios data from the
consolidated statements will be used.